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Norwegian Krone/US Dollar

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NOKUSD trade ideas

USDNOK a continuation of the bearish trend? 🦐After the long downtrend the market retrace till the 0.382 fib level and now it create a lower high lower low. IF the price will manage to break the structure we can set a nice sell order with the target at the yellow trend line which support the upper trend line on the 1d chart. ––––– Here is the Plancton0618 technical analysis , please comment below if you have any question. The ENTRY in the market will be taken only if the condition of Plancton0618 strategy will trigger.
Short
by InkyGrip
USD/NOK will fail to break out from two major resistance linesThe pair will fail to break out from two (2) major resistance lines, sending the pair lower towards its 2020 low. The Federal Reserve holds onto its current benchmark interest rate of 0.25%. This was following the selling pressure by investors and traders on the US dollar in the previous weeks. Apparently, investors felt that the record-breaking $6 trillion economic aid by the central government and the central bank will scratch the value of the greenback on the medium-term. Aside from that, inventories of oil surged in the first week of June. Also, jobless claims are still way higher than the combined jobless claims during the 2008 Global Financial Crisis. Meanwhile, Norway is leading among the fastest recovering countries in Europe. Expectations for the full fiscal year GDP was down to 3.9% from 5.5% expected in April. Norway is seen by analysts as one of the most liquid countries in the world with its sovereign wealth fund at its disposal.
Short
by Financebroker
USDNOK SHORTMY ENTRY ON USDNOK Entry: 9.77 Stop Loss: 10.1 Take Profit: 8.75 Risk / Reward: 10 Considering taking profit at 9.2 if Fib resistance holds. Then i will be looking for a new short entry at: Entry: 9.56 Stop Loss: 9.83 Take Profit: 8.75 Risk / Reward: 3 I'm focusing on the USD / NOK pair as NOK is heavily affected by oil prices, which are increasing. The Norwegian government do not print new money, as they use their oil fund money to get through the crisis. The fed are printing a lot of USD. Norwegian Government are buying 2 billion NOK per day for a long period of time.
Short
by AleksanderKoloy
2
USDNOK is taking the last breath before the uptrend startson DAILY: USDNOK is approaching a demand area in red so we will be looking for objective buy setups on lower timeframes. on M30: USDNOK is trading inside an objective channel in orange so we are waiting for a momentum candle close above the last swing that forms around our upper orange trendline to buy this pair. we also have a regular bullish divergence on MACD adding more confluence to our buy setup. meanwhile, until the buy setup is activated, USDNOK would be overall bearish.
Long
by TheSignalyst
7
NOK is strengthening thanks to the optimism in the oil outputThe better than expected conditions of the oil production in Norway is helping bearish investors to rally in sessions. The downward momentum is projected to last until the first half of June and potentially drag the USD/NOK lower and lower. The Norwegian krone is strengthening thanks to the optimism in the country’s oil output and considering that the crude market is already steadying, the oil-linked currency will most likely continue its direction. Bears investors of the US dollar to Norwegian krone exchange rate are effectively pushing the 50-day moving average lower and closer the 200-day moving average. Aside from its relationship with oil prices, another factor that is supporting the krone in forex sessions is the unexpected increase in the country’s retail sales. Recently, Statistics Norway noted that the direction of spending is less on services but more on retail goods, a change in the country’s consumption pattern.
Short
by Financebroker